Web Only / Features » September 29, 2012

The Billionaire Bandits Behind Paul Ryan

“The top 1% knows that they can’t out-vote the 99%, that they don’t stand a chance. So they are out to steal the votes.”

At the progressive Fighting Bob Fest in Madison, Wisc., earlier this month, one of the most electrifying speeches was delivered by BBC investigative reporter Greg Palast, author of the new Billionaires and Ballot Bandits. After calling for solidarity with then-striking Chicago teachers facing the privatization efforts of “Mayor Rahmney,” as Palast called Rahm Emanuel, the journalist turned his guns on Wisconsin product Paul Ryan–Romney’s youthful and hard-Right vice-presidential candidate.

According to Palast, “Romney picked Ryan at the request of one of their most important donors, Paul Singer, a hedge fund manager literally known in the industry as ‘The Vulture.’”

Singer has acquired this nickname from such capers as a lawsuit, detailed in Palast’s new book, aimed at seizing $400 million intended for cholera treatment in the Congo, a maneuver that the UK, Germany and Holland all declared illegal. “Singer is seen overseas as an international outlaw, but here in the U.S. he’s a ‘job creator,’” declared Palast.

Then Palast zeroed in on Ryan (see here, here, and here), who has been a major recipient of campaign contributions from Singer (and from other Wall Street interests such as Goldman Sachs.) Palast noted how Ryan loudly denounced the bank TARP bailout and the auto industry bailouts, to the delight of his Tea Party base, but then wound up voting for them, to the glee of Wall Street contributors like Singer and Goldman. Singer benefited hugely from the auto bailout, where he managed to buy out the only steering-column factory in North America and make a 3,000 percent profit. “The auto bailout team initially resisted the outrageous amount Singer wanted, but he had the industry by the ball bearings,” quipped Palast.

Palast first gained major stature as an investigative journalist in the United States with his documentation of how Florida Republicans swayed the 2000 presidential election by using a computerized system to disenfranchise an estimated 94,000 African Americans, falsely classifying them as convicted felons.

Now, he warns about the possibility of the 2012 election being stolen by a new round of Republican chicanery. Palast noted the restrictive “voter ID” laws spreading across the US to limit voting by majority-Democratic groups such as African Americans. He also highlighted the incredible power of conservative Super PACS now that Citizens United has opened the floodgates to outside funding, with Karl Rove's well-funded Crossroads GPS posing one of the biggest threats.

Palast warned: “The top 1% knows that they can’t out-vote the 99%, that they don’t stand a chance. So they are out to steal the votes.”

Roger Bybee is a Milwaukee-based freelance writer and University of Illinois visiting professor in Labor Education.
Roger's work has appeared in numerous national publications, including Z magazine, Dollars & Sense, The Progressive, Progressive Populist, Huffington Post, The American Prospect, Yes! and Foreign Policy in Focus.
More of his work can be found at zcommunications.org/zspace/rogerdbybee.

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"My first act will be to defund Planned Parenthood"PP prevents more abortions than any unit in America.This says a lot about character and priorities in a person.heartless--mean--selfish--unamerican unlike Christ

Posted by Clarence Swinney on 2012-10-05 08:27:58

Obama inherited a hell on earth that will take many years to overcome.#1---All Wealth-Income transferred to top 10%.That is why in OECD nations we rank #4 on Inequality--#3 As least taxed--# 3 on least tax on corporations.Since 1980, we borrowed 15,000 Billion instead of taxing wealth to pay our way.1945-1980 We taxed Wealth to pay off wwii debt.We need now to return to high tax on wealth to pay off their debt.All in Forbes 400 are billionaires.2013 budget proposes 2900B in Revenue from taxes and a 900B Deficit.2900B is a 20% Tax Rate on our entire national income.We can pay our way easily by tax on wealth.Those rich ones want to cut spending not increase taxes on them.Hit the middle class not us rich duckies.

If the people knew our true condition they would vote all Republicans out of office. Since 1980, three Republican presidents for 20 years took 600B budget to 3500B--1000B Debt to 10,000B--Surplus to 1400B Deficit--Got us involved in10 foreign conflicts--Killed S&L--Killed Local Banking ownership so today 10 own 80% of deposits in 7000 banks--Great Recession As a result of Housing disaster.Allowed building of Casino Derivative largest gambling house in world.·

Republicans will not be satisfied until we pass Chile and Mexico as Least taxed in oecd nations.We rank third. We take 27% of gdp in federal-state-local taxes. Rank 4th on Inequality.Top 50% take 86% of individual income. 70,000,000 get 14% yet pay full payroll tax out of measly income.

2013 budget calls for taxes of 2900B and borrow 900B. Dumb. Our income is 14,000B yet we borrow 900B? That is 900B the richest will keep in their pocket. Since 1980, We borrowed 15,000 Billionand did not tax enough which allowed rich to get very rich.

It will take a tax system like 1945-1980 that paid down WWII debt. It will take decades.We CAN do it. Remember the great domestic growth even with those high tax rates?We Must do it. The rich have taken us to the cleaners. War. Cut Tax. Huh?

From 1980--2009, three Republican presidents and Debt grew by 9000B. It has grownby 4100B under Obama three budgets. But! About one-third is from Bush three “New” programs. CBO study revealed that 2001-2010 Bush “new” programs created 5100B of debt.

We MUST cut spending in Defense And Medicare plus increase revenue from taxes on rich estates and incomes. Is it not sad that one family owns more wealth than 90% of families. Tax rates 1945-10980 would have prevented it. The Great middle Class needs a break. clarence swinney

Posted by Clarence Swinney on 2012-10-01 11:15:21

"off with their heads"... Like I always tell my conservative wacko friends, this ain't no Tea Party... THIS is a full scale Class War and the aristocrats are kicking the American People's @$$ with the help of the Republican Corporate Ho Party. I want consciousmc.blogspot.c**

Posted by spo101 on 2012-09-29 16:06:51

As a rule, billionaires didn't become billionaires by investing in things that did not generate a good return. A good return on their money is clearly what they expect to get from Paul Ryan.